TORONTO, March 31 /CNW/ - Hudson River Minerals Ltd. ("Hudson River") (TSX-V:HRM) announces an agreement to purchase the Zarn Lake Gold
Property located in the Patricia Mining Division in the Province of
Hudson River has an option to purchase a 100% undivided interest in
three unpatented mineral claims totaling 493 hectares. The claims,
located in Zarn Lake Township, are accessible by road via Highway 642.
The option is based on cash payments totaling $165,000, work
comittments totaling $1 million and payments of HRM Common Shares
totaling 500,000 with payments spread out over four years. The claims
are also subject to a 2% NSR of which 1 percentage point can be
repurchased for $1 million. The issuance of the 500,000 common shares
is conditional upon approval by the TSX Venture Exchange.
The Zarn Lake Property includes the former Alcona Gold Mine which was
active in 1936-1937. During this time a shaft was sunk to 99 meters and
two levels cut (55 and 93 meters). During the 1990s additional quartz
veins with high-grade gold were identified. A more recent sampling
program in 2010 returned anomalous gold (up to 3.0 gpt) in the wall
rock adjacent to the known quartz veins and further high-grade gold
within the known quartz veins with the highest grade returning 8.5 oz/t
Au (~269 g/t Au). The main quartz vein has been traced for a distance
of 600 meters and remains open in all directions. There are at least
three known gold-bearing quartz veins on the property.
Hudson River will initiate a sampling and trenching program in late
spring 2011 with a possible drill program in early fall 2011.
Commenting on Zarn Lake, Hudson River President & CEO Steve Balch
stated "the property is under-explored and fits nicely with our
strategy of advancing grass-roots exploration programs. Access is good
and exploration costs will be comparatively low. We look forward to
advancing this excellent property quickly."
About Hudson River Minerals Ltd.
Hudson River is focused on the discovery of nickel, copper and platinum
group element (Ni-Cu-PGE) deposits, volcanogenic massive sulphide (VMS)
deposits and precious metals. The management team has experience
exploring in areas with no geologic outcrop and that rely heavily on
geophysical technologies for discovery. For more details on Hudson
River's properties see the National Instrument 43-101 compliant
technical report, which is available at www.sedar.com or visit www.hudsonriverminerals.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this
This document may contain forward-looking statements relating to Hudson
River's operations or to the
environment in which it operates. Such statements are based on
operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve
risks and uncertainties that are
difficult to predict and may be beyond Hudson River's control. A number
of important factors could
cause actual outcomes and results to differ materially from those
expressed in forward-looking
statements, including those set forth in other public filings. In
addition, such statements relate to the date
on which they are made. Consequently, undue reliance should not be
placed on such forward-looking
statements. Hudson River disclaims any intention or obligation to update
or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, save and except as may be
required by applicable securities laws.
SOURCE Hudson River Minerals Ltd.
For further information:
Hudson River Minerals Ltd.
Stephen J. Balch, President and CEO
Tel: (905) 407-9586